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- October 22, 2012
- Article
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging
By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers... View Details
Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; MPC; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
Di Maggio, Marco, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, and Vincent Yao. "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging." American Economic Review 107, no. 11 (November 2017): 3550–3588. (Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy.)
- Article
Contested Meanings of Freedom: Workingmen's Wages, the Company Store System and the Godcharles v. Wigeman Decision
By: Laura Phillips Sawyer
In 1886, the Pennsylvania Supreme Court struck down a law that prohibited employers from paying wages in company store scrip and mandated monthly wage payments. The court held that the legislature could not prescribe mandatory wage contracts for legally competent... View Details
Phillips Sawyer, Laura. "Contested Meanings of Freedom: Workingmen's Wages, the Company Store System and the Godcharles v. Wigeman Decision." Journal of the Gilded Age and Progressive Era 12, no. 3 (July 2013): 285–319.
- 2010
- Chapter
Backlash to Arbitration: Three Causes
By: Louis T. Wells
There are at least three reasons for the current backlash among developing countries against the international regime that governs disputes between foreign investors and host governments. First is the inconsistency of the decisions rendered by arbitration panels... View Details
Keywords: Developing Countries and Economies; International Finance; Foreign Direct Investment; Agreements and Arrangements; Business and Government Relations; Conflict Management
Wells, Louis T. "Backlash to Arbitration: Three Causes." Chap. 14 in The Backlash Against Investment Arbitration: Perceptions and Reality, edited by Michael Waibel, Asha Kaushal, Kyo-Hwa Chung, and Claire Balchin, 341–352. Alphen aan den Rijn, Netherlands: Kluwer Law International, 2010.
- 02 Feb 2010
- First Look
First Look: Feb. 2
focused," but they don't deliver solutions to customers' thorniest problems. Why? Because they're stymied by the rigid "silos" they're organized around. In Reorganize for Resilience, Ranjay Gulati reveals how resilient... View Details
Keywords: Martha Lagace
- 24 Oct 2023
- HBS Case
From P.T. Barnum to Mary Kay: Lessons From 5 Leaders Who Changed the World
industry pioneer Mary Kay Ash learned about hard work, strict priorities, and the power of positive reinforcement firsthand. When she was seven, her father contracted tuberculosis, becoming housebound and requiring constant medical care.... View Details
Keywords: by Avery Forman
- Teaching Interest
Overview
Globalization and Emerging Markets (Elective Course)
The world order has changed significantly in the last two decades. The influence of western-style varieties of capitalism has been challenged by new forms of capitalism that rely less on private enterprise and on the... View Details
Keywords: Globalization; Strategy; Macroeconomics; State Capitalism; Political Economy; Emerging Markets; Multinational Firms and Management; Global Strategy; Economics; Energy Industry; Retail Industry; Mining Industry; Agriculture and Agribusiness Industry; Banking Industry; China; Africa; Dubai; Pakistan; India; Brazil; Russia; Cuba; Argentina
- 26 Apr 2022
- Book
What Does Your Business Stand For? Why Building Trust Starts with Purpose
autonomy. Purpose transforms the entire basis for cooperation inside the workplace, turning the enterprise from a nexus of contracts between self-interested individuals into a nexus of commitments. As my research confirmed, the trust that... View Details
Keywords: by Ranjay Gulati
- 14 Jul 2009
- First Look
First Look: July 14
of host countries' investment laws. Second, and perhaps most important, is the very rigid view of contracts that panels have tended to take, even when a host country acts as a result of an economic crisis. A... View Details
Keywords: Martha Lagace
- 06 Mar 2018
- First Look
First Look at Research and Ideas, March 6, 2018
the heterogeneous payment requirements across the multiple payers and health plans contracting with the academic health center. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54127 March–April 2018 Harvard Business... View Details
Keywords: Sean Silverthorne
- 03 Mar 2003
- Research & Ideas
The Ingredients of a Deal Disaster
Chinese Business, "The Chinese perceive contracts as too rigid to take new circumstances into account. Hence, there is no stigma to changing the terms of an agreement after it has been signed."... View Details
- 21 Nov 2017
- First Look
First Look at New Research and Ideas, November 21, 2017
share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults and an increase in house prices, car purchases, and employment. Household balance sheets and mortgage contract View Details
Keywords: Sean Silverthorne
- 22 Feb 2011
- Research & Ideas
Most Popular Articles, Papers of the Decade
longer-term perspective. Authority versus Persuasion Published: August 5, 2009 In directing employees, managers often face a choice between invoking authority and persuasion. In particular, since a firm's formal and relational contracts... View Details
Keywords: by Sean Silverthorne
- 19 Apr 2011
- First Look
First Look: April 19
the concept of threat rigidity to the class and explore some of the team behaviors that result from this condition. Book: http://www.amazon.com/Group-Communication-Analysis-Appreciation-Application/dp/0757582958/ref=cm_cmu_up_thanks_hdr... View Details
Keywords: Sean Silverthorne
- 05 May 2009
- First Look
First Look: May 5, 2009
Survive—Thrive: Leading Innovation in Good Times and Bad Authors:Lynda M. Applegate and Bruce Harreld Abstract Battered by contracting markets and frozen credit, many businesses today are fighting for survival. Indeed, the current global... View Details
Keywords: Martha Lagace
- 20 Feb 2008
- First Look
First Look: February 20, 2008
explanation of price rigidity has the advantage of being consistent with the observation that the typical size of price increases is nearly invariant to inflation. Lastly, the paper turns to some government policies regarding prices that... View Details
Keywords: Martha Lagace
- 03 Mar 2009
- First Look
First Look: March 3, 2009
decisions are endogenous, and 3) influencing stores' choices of strategic variables (e.g., pricing) once they have decided to affiliate. We show that search diversion remains a necessary strategic instrument for the intermediary even when the View Details
Keywords: Martha Lagace